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Profits of companies listed in Q3, better than last year

Cumulated profits of the companies listed with the Bucharest Stock Exchange (BVB) amounted in the third quarter of the year to 1.64 billion lei (some 450 million euros), up by 34 percent as against the same period of the previous year.

Out of the 47 companies examined, 22 reported rising profit compared to the same period of the previous year and 25 reported poor results.

At the same time, in the analyzed period, six of the issuers reported losses, compared to only 2 over April-July 2008. The companies that reported higher revenues in the third quarter announced for the third quarter, shrinkage in the activity and profit cuts.

The cumulated profit of the issuers on the Bucharest Stock Exchange over July-September this year was by 5 percent lower compared to the previous year, according to daily Ziarul Financiar.

Assessing the sum of the profits from the third quarter, analysts mention that BRD and Transilvania Bank included in these results outstanding profits resulting from the sale of stakes in insurance companies, which increased net revenues of the two banks by some 450 million lei (some 123 million euros).

On the other hand, Petrom's profit on the third quarter a gross sum of some 559 million lei (some 150 million euros) was deducted, because of the inclusion of a provision of depreciation of the value of Arpechim refinery.

Therefore, cumulated profits of the issuers on the stock exchange did not suffer significantly compared to the previous quarter, the risein Petrom's profit making up for the losses of Petrom Refining (RRC) and the profit reductions of smaller issuers.

Over July-September, Rompetrol Refining reported a loss of 214 million lei (some 58.8 million euros), as against net profit of 41 million lei (some 11.2 million euros) in the previous quarter.

Rompetrol's losses increased some 2.7 times, compared to the same period of the previous year, when the company reported negative results worth 78.2 million lei (about 23.7 million euros).

Among the companies that reported revenues in the third quarter are special steel maker Mechel Targoviste (COS), which reported some 49.3 million lei (some 13.5 million euros) in net profit, up some 5.5 tomes as against the same period of the previous year.

Fertlizers manufacturer Azomures Targu Mures (AZO) reported over July-September net profit worth 63.8 million lei (some 17.5 million euros).

Although they had very good results, the two companies announced they will reduce the production because of lack of orders and will make redundancies.

According to trade unionists of the steel industry, some 95 percent of the employees of Mechel Targoviste, some 3,100 staff, are already standing off, after the representatives of the companies having announced the halt of the production for one week.

The management of Azomures company announced it would lay off 250 people and reduce the production by half by the year-end.

Therefore, the results of the two companies might be seriously harmed in the last quarter of the year, the same daily reports.

Electricity transporter Transelectrica (TEL) obtained over July-September a net profit of 17.3 million lei (some 4.7 million euros), but the profit might be hit in the last quarter of the year, considering the company's representatives are taking into account measures in order to observe budget.

Alro Slatina (ALR) reported in Q3 as many as 73.8 million lei (some 20.2 million euros ) in net profit, down almost half compared to the same period of 2007. The company might also reduce in 20009 the production by some 25 percent and lay off employees, Vimetco group, owner of Alro announced.

Components maker for the aeronautical industry Turbomecanica Bucharest (TBM) increased losses in the last quarter, when they reached 10 million lei (some 2.7 million euros). In the previous quarter the company reported negative results worth 4.2 million lie (some 1.1 million euros).

 

Sursa: http://www.rompress.ro

Tags: million reported profit compared announced results previous period companies profits third euros quarter brd bvb